Relief calculator for 2023 is online
Inflation and rising prices have made life more expensive in the past year. The Federal Government has therefore taken numerous measures to give people the security that they can continue to afford their standard of living. Taxpayers can now calculate their personal relief using the Finance Ministry's relief calculator.
Austrian Finance Minister Magnus Brunner commented: "The Federal Government is providing the aid that is necessary. We have proven this several times over the past few months – and we continue to do so. Because now the top priority is to preserve the purchasing power."
From now on, the financial relief can be calculated individually with the relief calculator of the Ministry of Finance. This new relief calculator is available at www.bmf.gv.at/entlastungsrechner and it shows important relief measures.
Many of the measures have a positive effect on net wages: This allows all wage and income tax payers to benefit from the abolition of cold progression and higher tax deductions. In addition, the tariff levels will decrease in 2023 due to the eco-social tax reform and families will receive a higher family bonus.
Numerous other measures are also effective, such as the regional climate bonus or the reduction in energy taxes. In addition to this, the electricity cost brake will save around 500 euros per household (not shown by the calculator – since it is a measure per household and could only be shown very imprecisely).
Numerous relief measures so that people have more net income in the long term
Above all, small and medium incomes benefit particularly. For example, the two lowest tariff levels were raised above the level of the inflation rate. Previously, taxpayers were subject to tax from an income limit of 11,000 euros – this year this limit is 11,693 euros. For the entire calendar year 2023, a mixed tax rate of 41% also applies to the third tariff level. In 2024, the tax rate for the third tariff level will then be 40%. The second tariff level will be reduced to 30% from 2023. In the previous year, this was calculated using the mixed rate of 32.5%.
Austrian Finance Minister Magnus Brunner commented: "Parliament's Budget Service confirms: With our help, we have increased small incomes by up to 10 percent. With numerous relief measures, we ensure that people always have more net income. Because we can't afford not to help now."